IRISH GRAIN farmers are being urged by the Irish Farmers Association (IFA) to hold out for higher prices on foot of the Russian ban on exporting grain.
Wildfires sweeping Russia have damaged crops and, under the ban, the world’s third-largest exporter of grains will remove 24 million tonnes from world markets.
Yesterday, Noel Delaney, chairman of the IFA’s grain committee, said buyers were attempting to talk down prices as harvest pressure builds. “However with good weather, low moistures and easy harvesting conditions, farmers should not be in a rush to sell,” he said. “Markets have taken a breather over the last few days as funds moved to take profits and assess the full impact of crop losses across the Black Sea region,” he said.
Mr Delaney predicted a minimum of €140 per tonne was achievable for non-dried barley, with €10-€15 per tonne more than that for wheat crops. He said dried barley prices were €165-€170 a tonne, with wheat trading €178-€185 for harvest collection.
“It is becoming abundantly clear Russia will become a net grain importer,” he said.